Violate the Spirit of America: Home Equity Theft in Massachusetts
24 Real estate, Mass Data, Massachusetts (1.99 million properties) (May 2021), sold by Estated. The lost value could be estimated for 152 of the 163 houses taken.
25 A median of 91% of equity and $ 224,000 per home.
26 The 11 communities that have not sold any foreclosed homes are Brookline, Cambridge, Chelmsford, Concord, Easton, Fall River, Granville, Medford, Methuen, Natick and West Springfield.
27 Government entities typically do not have the resources to bring foreclosed properties on the real estate market as part of a competitive sale process, at least not without outsourcing the process to d ‘other professionals.
28 This value is typical of bank foreclosures. ATTOM data, “Foreclosure Sale Discounts Rising Across US” (December 3, 2020).
29 Real estate, Mass Data, Massachusetts (1.99 million properties) (May 2021), sold by Estated. The retained value could be estimated for 229 of the 254 dwellings taken.
30 Tallage LLC vs. Meaney, 23 LCR 375, 375-76 (Mass. Land Ct. 2015).
31 Tallage LLC vs. Meaney, 23 LCR 375, 375-76 (Mass. Land Ct. 2015).
32 Tallage LLC vs. Meaney, 23 LCR 375, 375-76 (Mass. Land Ct. 2015); Christopher Burrell, “Tax Lien Law Haunts Massachusetts Landowners (Part 1),” GBH News, 22 January 2018.
33 Even after a foreclosure judgment, more homes appear to be flipped than sold. From December 2018 to December 2020, 82 deeds of redemption were issued, while 59 houses were sold.
34 Real estate, Mass Data, Massachusetts (1.99 million properties) (May 2021), sold by Estated.
35 This value is determined by the price Tallage sold for the home minus any known payments it made to communities for unpaid taxes, fines, fees, utility bills, etc.
36 John Rao, The other foreclosure crisis: property tax lien sales (Boston: National Consumer Law Center, July 2012).
37 See Conn. Gen. Stat. Anne. Â§ 12-157 (i); Of the. Code Ann. tit. 9, Â§ 8779; Thomas Tool Services, Inc. v. Town of Croydon, 145 NH 218,220 (2000); Bogie c. City of Barnet, 129 Vt. 46, 55. (1970). Further, Rhode Island effectively operates in the same manner (see RI Gen. Laws Ann. Â§ 44-9-37), but auctioning off the smallest undivided portion of the land, if possible. RI Gen. Laws Ann. Â§ 44-9-8.
38 Marguerite Dewar, The Effects on Cities of âBest Practicesâ in Tax Foreclosure: Evidence from Detroit and Flint (Ann Arbor, MI: CLOSUP Working Paper Series, # 2, 2009); Charles D. Rittenhouse, “The Real Costs of Not Paying Your Ohio Property Taxes,” University of Dayton Law Journal 36 (2010): 221; William Weber, âTax foreclosure: a brake on community vitality or a tool for economic growth? ” University of Cincinnati Law Journal 81 (2012): 1615; Stephan Whitaker and Thomas James Fitzpatrick, âThe Impact of Vacant, Tax-Delinquent, and Foreclosed Property on Salesprices of Neighboring Homesâ (Federal Reserve Bank of Cleveland Working Papers [Old Series] 1123, 2011).
39 Tax Collector, Palm Beach County, Fla., “Official Tax Certificate Auction Site.”
40 Larry Barszewski, “County Tax Auctions Put Small Investors at a Disadvantage,” Sentinel of the Sun, May 19, 2017. Florida includes other safeguards in its property tax system that provide a model for other states to follow, including provisions similar to real estate mortgage foreclosure rules to ensure that any forced sale is near of market value. For example, the state allows counties to sell their tax-overdue properties to the highest bidder through an online auction.
41 Since current law does not require a lien holder to notify the former owner of a foreclosure judgment, homeowners often find that their home was foreclosed on more than a year after foreclosure, once the appeal time limit expired.
42 Mass.gov, âProperty Tax Data and Statistics Reports. “
43 Jennifer CH Francis, “Recovering What is Lost: The Need to Improve Advice for Elderly Homeowners Before and After Tax Sales”, Civil rights law review 21, no. 1 (2014): 85-121.
44 United States Census Bureau, Population, Population change and estimated components of population change: April 1, 2010 to July 1, 2019 (CO-EST2019-alldata), distributed by the United States Census Bureau.
45 Real estate, Mass Data, Massachusetts (1.99 million properties) (May 2021), sold by Estated.
46 âThe assessment data comes from our proprietary AVM using advanced machine learning algorithms. The value of the property is derived from a number of weighted factors based on the characteristics of the property, market data and other calculations. Real estate, Mass Data, Massachusetts (1.99 million properties) (May 2021), sold by Estated.
47 GL v. 60, Â§ 37.
48 GL v. 60, Â§ 53.
49 GL v. 60, Â§ 53.
50 GL v. 60, Â§ 65.
51 GL v. 60, Â§ 64; GL v. 60, Â§ 69.
52 Lynch v. City of Boston, 48 NE2d 26, 27 (Mass. 1943).